Merrill Lynch employed Post and Maney as account executives. Both men elected to be paid a salary and to participate in the firm’s pension and profit-sharing plans rather than take a straight commission

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Merrill Lynch employed Post and Maney as account executives. Both men elected to be paid a salary and to participate in the firm’s pension and profit-sharing plans rather than take a straight commission

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Merrill Lynch employed Post and Maney as account executives. Both men elected to be paid a salary and to participate in the firm’s pension and profit-sharing plans rather than take a straight commission. Thirteen years later, Merrill Lynch terminated the employment of both Post and Maney. Both men began working for a competitor of Merrill Lynch. Merrill Lynch then informed them that all of their rights in the company-funded pension plan had been forfeited pursuant to a provision of the plan that permitted forfeiture in the event an employee directly or indirectly competed with the firm. Is Merrill Lynch correct in its assertion? Why or why not?

Explanation & AnswerSolution by a verified expert

Explanation

Individual P and Individual M should be given the benefits that they have earned during their employment with Individual ML. When Individual ML has taken away the jobs of both Individual P and Individual M, both individuals have the freedom to be employed at any firm of their choosing.

Verified Answer

Individual ML should give the benefits to Individual P and Individual M since they have been terminated by Individual ML and Individual ML has no right to take away the benefits of both the individuals.

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